The team behind the Pi Network project has introduced numerous updates, reward distributions, initiatives, and all sorts of positive announcements in the past few months, but the overall impact has been quite limited.
Aside from a brief spike propelled by the hype around the listing on Kraken, the native token’s price remains highly depressed, while the community continues to question the Core Team’s actions.
Investor Sentiment Still Low
CryptoPotato has repeatedly reported on Pi Network’s consecutive updates since the beginning of the year. They began with moving to protocol version 19.6, followed by v19.9 in early March, and the highly important v20.2, which was announced on Pi Day (March 14) 2026. It carried such significance as it laid out the fundamentals for the network to begin offering smart-contract features.
The next one, version 21, was promised to be successfully completed by April 6, and the team announced the migration around that date. In the meantime, they have also begun the second migration, allowing token holders to migrate their assets to Mainnet, and introduced an RPC server for Pi Testnet.
Last but not least, the Core Team highlighted another important aspect of its services: rewards distribution. In a post from last week, they said the first batch had been successfully delivered directly to eligible validators’ Mainnet wallets after the completion of more than 526 million validation tasks by more than a million such participants.
Despite all these positive developments, though, the majority of the comments below the Core Team’s posts on X are still criticizing the lack of actual progress, and they focus on two main topics: their inability to access their assets despite completing KYC requirements, and the native token’s consistent decline.
PI Keeps Dropping
The only development that managed to impact PI’s price performance in the past few months was the listing on Kraken in March. More precisely, the hype about the listing. The token skyrocketed before and after the announcement, surging from $0.18 to almost $0.30.
However, once the asset went live for trading, it became another classic ‘sell-the-news’ event. The hype quickly disappeared, and PI plunged by over 50% in 48 hours or so. Since then, it has failed to maintain the $0.20 support-turned-resistance. As of press time, it even trades below the pre-Kraken-listing level as it dipped to a 7-week low at $0.165 earlier today.
With over seven million tokens to be unlocked on average in the next month, the chances for a more profound correction are still quite high. Data from PiScan shows that April 15, 16, and 17 will see the highest amount of released tokens, with over 60 million PI in just these three days.
The post Pi Network’s PI Dumps to Local Lows as New Updates Fail to Boost Investor Sentiment appeared first on CryptoPotato.